Stockland Update RESULTS BUILT ON SUSTAINABLE COMMUNITIES. April Cardinal Freeman The Residences, Sydney
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1 Stockland Update RESULTS BUILT ON SUSTAINABLE COMMUNITIES April 2017 Cardinal Freeman The Residences, Sydney 1
2 Agenda Group Update 3 1H17 results and achievements 5 Commercial Property 9 Retirement Living 15 Residential Communities 18 Outlook 22 Annexure 24 2
3 Group Update Continued solid performance in 3Q17: Retail sales growth relatively flat, continuing to grow specialty sales productivity per square metre Progressing our $548m Retail and L&BP developments on schedule and feasibility Good momentum in L&BP leasing activity Solid Residential net deposits, record contracts on hand Net reservations for Retirement Living on track 3
4 Data as at 31 December
5 Strategy delivering sustainable, strong results in 1H17 Community creation focus delivers growth across whole business Growth in FFO per security of 6.2% reflecting consistent implementation of our strategy Continued improvement across all business units ROE 1 grows to 11.0% Maintained strong balance sheet Elara Community, Sydney 1H17 1H16 Change Statutory Profit $702m $696m 0.7% Funds from Operations (FFO) 2 $369m $342m 7.8% Statutory Earnings per security 29.3 cents 29.4 cents 0.3% FFO per security 15.4 cents 14.5 cents 6.2% Distribution per security 12.6 cents 12.2 cents 3.3% Net Tangible Assets per security $4.00 $ % Gearing (D/TTA) 23.9% 23.1% Return on Equity 11.0% 10.3% 1. Return on Equity accumulates individual business Return on Assets and incorporates cash interest paid and average drawn debt for the 12 month period. Excludes residential communities workout projects 2. Funds from Operations (FFO) is determined with reference to the PCA guidelines 5
6 1H17 Achievements Grow Asset Returns and Customer Base Commercial Property Residential Communities Retirement Living 73% of SGP portfolio 18% of SGP portfolio 9% of SGP portfolio NSW Vic Qld WA Other 60 % 12% 21 % NSW Vic Qld WA 27% 48% NSW Vic Qld WA Other 12% 26% 43% 6% 1% 13% 12% 3% 16% 90% Mystery Shopping score 1 High customer satisfaction 2 buyers are ~75% owner occupiers High customer satisfaction 3 Retire Your Way Our unique selling proposition High customer satisfaction 4 Data as at 31 December Retail Centre Mystery Shopping research rates customer experience 2. Retail tenant satisfaction TenSAT score produced by Monash University 3. Stockland National Liveability Index score 4. Stockland Residents Voice Survey: average overall happiness with their village 6
7 1H17 Achievements Operational Excellence and Capital Strength Global Sector and Regional Sector Leader - Retail/Office Salesforce launched in Residential Third consecutive year HR Success Factors launched Leading global climate performance 1 Maintained S&P credit rating For over ten years #1 two years in a row, market leader for ten years DJSI Global 1. Leading sustainable ratings agency, formerly known as Carbon Disclosure Project 7
8 Growth in FFO across all business units and good visibility of future cost of debt Funds from Operations $m 1H17 1H16 Change % Comp. Growth % Retail % 3.5% Logistics & Business Parks % 2.9% Office (6.6%) 6.6% Trading profit 5 - nm Commercial Property net overhead costs (6) (8) Forward hedge rates 1 positively impact Group WACD Billions($) % Hedge Rate 1H17 4.0% 4.5% 4.3% 4.1% Total Commercial Property % 3.7% Residential Communities % Retirement Living % Hedged Debt 3.8% 3.9% Unallocated corporate overheads (29) (27) 5.8% Net Interest (40) (38) 6.3% Total Group % Fixed Debt 3.6% 3.7% 3.7% FFO per security (cents) % 0.0 FY17 FY18 FY19 FY20 FY21 3.5% 1. Excludes fees and margins 8
9 Commercial Property Stockland Shellharbour, NSW 9
10 Retail Retail Sales: 3Q17 sales growth relatively flat, impacted by several issues Easter shifts from 3Q16 to 4Q this year Variable results from our Queensland centres, including disruption from Cyclone Debbie Specialty sales productivity for comparable centre retailers continues to improve, with MAT/MLA 1 increasing by 2.7%, driven by active remixing strategies Retail Development: Current developments progressing on time and in line with feasibilities $412m Green Hills, NSW, stage one opening April 2017, completion mid 2018 Bundaberg, Kensington, completed with new format Coles supermarket Total Sales by Category to 31 March 2 MAT Growth Comp Annual Growth 3Q17 Comp Growth Specialties excluding Dick Smith 3 1.8% 1.0% 0.9% Specialties 0.6% 0.0% -0.4% Supermarkets 2.1% -0.2% 0.1% DDS/DS -3.3% -3.3% -6.6% Mini-Majors and Other 5.2% 2.2% 3.1% Total 1.4% -0.2% -0.4% Progress on current development Spend to 31 March ($m) Total cost ($m) Stabilised yield 4 Total Leased Incremental IRR 5 Green Hills, NSW % 58% 11.9% Bundaberg, Qld % 93% 7.8% 1. Sales per sqm adjusted for moving lettable area (MLA). MLA reflects comparable sales per sqm adjusted for total number of days the store has traded in the full year, if trading for less than two years 2. Sales data includes all Stockland managed retail assets 3. Excluding impact of Dick Smith closures 4. Incremental FFO yield 5. Forecast unlevered 10 year IRR on incremental development from completion 10
11 Retail: Productive centres and diverse income base Specialty MAT/sqm, centres with future development potential $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 Strong diversity in rental income Gross rent: Total portfolio Apparel and Jewellery Other Retail 19% Department Stores 1% DDS 15% 17% 10% 14% 13% 11% Supermarkets Mini Majors $- Retail services reporting and non reporting Specialty Food/ Food catering Stockland data as at 31 December Urbis Sub-regional Shopping centre Benchmarks June
12 Retail trends/leasing strategy Entertainment and Leisure To act as a community hub and meeting place for family and friends Wetherill Park an example of evolving design and retailer mix Fast food and casual dining To cater to customer demand for diverse dining options Health and Services To reflect trends in ageing demographics and focus on personal health and wellbeing Before: Undifferentiated internalised environment, plan dominated by anchors and small shops After: Collection of micro-environments, plan accommodates a wider range of sizes and uses Design and retailer mix To deliver a wider range of choice and experiences, including emerging Mini-Majors Mini-Majors 92 shops 131 shops Designed to evolve the centre from a linear and homogenous shopping mall into a diverse, walkable public precinct Trends reflected in our portfolio % of total store numbers Non-reporting Services 11% 14% Reporting Retail Services 13% 15% Food Catering 15% 19% 12
13 Stockland Wetherill Park: A leading lifestyle, food, fashion and leisure centre Three extensions since 1983 completion Customer demand for a redevelopment based on fresh food, cafes, restaurants, mini-majors, theatre, lifestyle, health and services 5 Star Green Star Design rating and a significant 925 kw PV solar plant Completed centre, 70,000 sqm, fully leased and trading strongly: First full year of trading: MAT $354m, up 29%; traffic 7.7m up 18% Specialty shops at $9,533 psm and growing strongly Retailer demand for more space, future development potential of 30,000sqm Construction commencement On completion Stockland Wetherill Park, Sydney IRR 1 ~14.8% ~15.8% FFO Yield 2 7.3% 7.3% Valuation $645-$665m $740m Stockland Green Hills, NSW - Artist s impression 1. Incremental IRR 2. Incremental FFO yield 13
14 Logistics and Business Parks, Office Logistics & Business Parks: Strong leasing momentum with 345,000 sqm, 28% of the portfolio, executed or under heads of agreement Continuing progress with ~$400m development pipeline: Oakleigh, Melbourne (total development $15m), practical completion stage two reached Warwick Farm, Sydney (total project cost $77m), early works underway 3 DAs submitted, total 56,000 sqm Office: Portfolio occupancy at 92%, reflects Perth and Canberra vacancies Majority of portfolio in Sydney CBD, North Sydney and St Leonards, which are all performing strongly Logistics and Business Parks Nine months to 31 March H17 Leases executed 291,500 sqm 160,000 sqm Leasing activity under HOA 53,100 sqm 152,000 sqm Portfolio occupancy by income 96.2% 96.1% Portfolio WALE yrs 4.6 yrs Office Nine months to 31 March H17 Leases executed 3,200 sqm 2,900 sqm Leasing activity under HOA 6,100 sqm 2,100 sqm Portfolio occupancy by income 91.9% 93.5% Portfolio WALE yrs 3.7 yrs 1. By income 14
15 Retirement Living Cardinal Freeman The Residences, Sydney 15
16 Retirement Living Resale values benefitting from strength of Eastern seaboard Residential market Reservations impacted by units withheld for future development (Oak Grange, Melbourne and Castle Ridge, Sydney) Retirement Living net reservations - quarterly Established Development reservations will continue to be variable, depending on timing of stage releases Q16 4Q16 1Q17 2Q17 3Q17 Retirement Living net reservations nine months to 31 March Development Established Development FYTD13 FYTD14 FYTD15 FYTD16 FYTD17 16
17 Retirement Living: Building on success Broadening customer reach Developing Seniors apartments, Cardinal Freeman, Sydney, Oceanside, Qld Progressing repositioning of middle ring villages including Oak Grange, Melbourne Customising DMF, non DMF Seniors Living, Aspire at Elara, Sydney and trialing new DMF contracts with 100% capital gain to Stockland at villages in Victoria and South Australia Providing additional customer amenities Continuum of Care: four sites operated by Opal Aged Care, a further four in planning, and 20 existing sites with other operators Medical centres: first at Highlands, Melbourne Benefits Plus: over 4,500 customers, increased 11% in 2016 Trialling strategic partnerships with home care providers to expand services, part of our Retire Your Way initiative Artist s Impression - Oceanside, Sunshine Coast, Qld
18 Residential Minta Farm, Melbourne 18
19 Residential Communities Affordability focus differentiates our business 77% of buyers were owner occupiers in the March quarter, 54% first home buyers Solid quarter for net deposits: Continued strong market conditions in NSW and Vic Qld market strengthening, supporting demand for new projects Good response to sales campaign and increase in First Home Buyers grant in WA Vic third quarter deposits impacted by timing of releases, Edgebrook (Melb) launched Willowdale (Sydney), town homes delayed by weather, limiting FY17 town home settlements to ~200, offset by additional land settlements Residential net deposits - quarterly 2,301 2,116 1,891 1, , Q16 4Q16 1Q17 2Q17 3Q17 Residential net deposits year to date 5,984 4,679 4,721 4,844 1,655 3, ,602 1, ,487 1,713 1,367 1,406 1,465 1, ,098 1,395 1,748 1,844 FYTD13 FYTD14 FYTD15 FYTD16 FYTD17 NSW WA Qld Vic NSW WA Qld Vic 19
20 Residential: Growing assets and customers Maintaining over 90% of funds employed in projects actively selling Strong customer demand for our new launch projects Delivering current earnings Core projects 31 Active Projects ~57,900 Lots 1 Capital employed $1.7b Newport, Brisbane Pallara, Brisbane Foreshore (Coomera),Qld Bring to market FY17/18 6 New Launch Projects ~4,400 Lots $0.1b Strong sales at our largest ever masterplanned communities, Aura, Qld, and Cloverton, Melbourne, over 600 sales at each since launch Pipeline beyond FY18 5 Inactive Projects ~5,500 Lots 2 $0.1b Reduction in impaired projects with the sale of Wallarah, NSW, and Bahrs Scrub, Qld Continuing to see strong demand from Owner Occupiers, representing around 75% of our buyers Focus on cash generation Workout projects 8 Impaired develop out projects ~1,900 Lots $0.1b 3 Disposal Projects ~2,900 Lots + 0 yrs 1 yrs 2 yrs 3 yrs 4 yrs 5 yrs 6 yrs 7 yrs $2.0b Data as at 31 December Excludes Elara (NSW) acquisition of ~1,500 lots in June 2016 pending settlement 2. Excludes Minta Farm (VIC) acquisition of ~1,700 lots in December pending settlement
21 Leading in Housing Affordability 50 per cent 1 of Stockland s customers are first home buyers Examples of entry house and land packages Pallara (Qld) Stockland Price 2 Brisbane LGA Median Price 3 75 per cent 1 of customers are owneroccupiers Highlands (Vic) $454,870 $655,000 Launched 100 homes in 100 days First Home Buyer initiative in Sydney Stockland Price 2 Craigieburn Median Price 4 4,000 first home buyers have purchased in Stockland communities in the last year Working with all levels of government to increase supply to help address affordability Calleya (WA) $390,597 $450,000 Stockland Price 2 Cockburn Median Price 5 $389,516 $535, Rolling 12 month data to 31 March House and land entry price as at December Source: Real Estate Institute of Qld (REIQ), December Source: Real Estate Institute of Victoria (REIV), December Source: Real Estate Institute of WA (REIWA), December
22 Outlook Willowdale Regional Park, Sydney 22
23 Summary & Outlook Remain on track to achieve FFO per security growth of 6 7% in FY17 with DPS targeted at 25.5 cents, assuming no material change in market conditions. Underpinned by: Our Purpose: We believe there is a better way to live Full year Residential settlements above 6,000 lots and operating profit margins at 15 16% Comparable Retail FFO growth of 3 4% Further improvement in Retirement Living returns as we continue to focus on operational efficiencies and our development pipeline Portfolio continues to be positioned for sustainable long term growth and value creation 23
24 Annexures Ingleburn Distribution Centre 24
25 Population growth continues to underpin dwelling demand AUS population growth Annual 1 500, % Vic and Qld seeing strong positive interstate migration 2 Annual Rolling Sum ( 000s) 50, ,000 40, , , , , , ,000 Total Growth (%) Natural Increase Forecast 2.0% 1.5% 1.0% 30,000 20,000 10, ,000 Vic Qld WA NSW 100, % -20,000 50,000 0 Net International Migration 0.0% -30,000-40, Data as at September ABS, Deloitte Access Economics, Department of Immigration 2. ABS, Stockland Research 25
26 Dwelling commencements have responded to accumulated undersupply Dwelling commencements are elevated but close to long-term averages on a per capita basis. Both are moderating from peaks 1 Thousands Dwelling Commencements (LHS) Dwelling Commencements per 1000 people (RHS) Data as at September ABS, Stockland Research 26
27 National building approvals 1 NSW house approvals around average; unit approvals remain high Vic house approvals moderating; unit approvals remain high 4,000 3,000 2,000 1, Apartment: 4, % above long term average 3,000 House: +12.2% above long term average 2,000 1, House: +18.9% above long term average Apartment: % above long term average Qld house approvals at long term averages; unit approvals down sharply WA house approvals stabilising; unit approvals rising 4,000 3,000 2,000 1, Data as at February ABS House: (4.4%) below long term average Apartment: +7.8% above long term average 4,000 3,000 2,000 1, House: (16.9%) below long term average Apartment: +46.9% above long term average 27
28 28
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10 February 2016 133 Castlereagh Street Sydney NSW 2000 www.stockland.com T 02 9035 2000 F 02 8988 2552 For media enquiries Greg Spears Senior Manager Media Relations Stockland T +61 (0)2 9035 3263 M +61
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